16. In the calculation of cash (used in)/from operating activities, depreciation is added back because: A. It is not allowable for taxation purposes B. It is a non-cash expense C. It appears under the heading of investing activities D. It is a financing activity 17. The following extracts of the financial statements of ABC limited have been obtained: What is the quick ratio? A. 0.76:1 B. 0.87:1 C. 1.86:1 D. 2.12:1 18. ABC has a 85% owned subsidiary XYZ. During the year ABC sold inventory to XYZ for an invoiced price of 400,000. XYZ have since sold 75% of that inventory to third parties. The sale was at a mark up of 25% on cost to ABC. What is the adjustment to the inventory that would be included in the consolidated statement of financial position of ABC at the year-end resulting from this sale? A. 60,000 B. 80,000 C. 20,000 D. 25,000 
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